Hulk Hogan wants to reimagine Hooters restaurants as his Real American Beer brand makes a new bid to save the chain
Hulk Hogan's beer brand is making a bigger bid to save Hooters of America and get the chain growing again.
Real American Beer is spearheading a bid for the entire Hooters of America business, including the chain's restaurants, Business Insider has learned. The chain filed for bankruptcy in March.
The beer brand, founded in 2024 by wrestling legend Hulk Hogan, expressed interest last month in Hooters' brand name, BI reported.
Since then, Real American has assembled a team with broader experience, including running restaurant chains, CEO Terri Francis told BI.
"Hulk Hogan and Real American Beer are fully committed to protecting and revitalizing the iconic American brand Hooters," Francis said.
Hogan and Real American have "assembled a world-class team" to handle multiple elements of the Hooters business, including real estate, franchising, brand building, and social media marketing, she told BI.
The parties overseeing Hooters' bankruptcy would need to approve the bid, and its terms could change.
The latest bid puts Hulk's company in direct competition with a proposal led by Hooters Inc., which oversees some franchised Hooters locations and is run by CEO Neil Kiefer, one of Hooters' original cofounders.
If successful, the Real American-led bid would aim to grow the Hooters business, including through new revenue streams like merchandise, a person familiar with the bid told BI. The person was not authorized to speak publicly about the bid.
It would also find a strategy that could get more diners, especially people in their 20s and 30s, stopping by Hooters' restaurants.
"Cheap beer and fattening wings aren't the food or drink of the younger generation," the person said. "Hulk can solve that."
Hooters' debt could be key to Hulk's bid
The Real American bid faces some challenges. For one, Real American would have to find another entity to own the Hooters locations since US liquor laws prevent alcohol brands from owning restaurants.
Another challenge is satisfying Hooters of America bondholders, the person familiar with Real American's bid said. Under current plans, Hooters of America would continue paying bondholders what they're owed, according to bankruptcy filings. The company entered bankruptcy with $376 million in debt.
Real American's bid, meanwhile, assumes that Hooters' debt holders would need to settle for less than what Hooters owes them in order to make investments in the business and avoid another bankruptcy in the future, the person familiar with Real American's plans said.
"It is an uphill struggle as long as someone is bidding the full value of the bonds," the person said, referring to Hooters Inc.'s bid.
Hooters Inc. and Hooters of America did not respond to requests for comment from BI.
Hooters' founders opened their first restaurant in 1983 in Clearwater, Florida — the birthplace and home of Hulk Hogan. The chain grew to hundreds of restaurants, including many outside the US, over the next few decades. In the early 2000s, Hooters also briefly operated an airline, Hooters Air.
Since 2019, the chain has been owned by private equity firms Nord Bay Capital and TriArtisan Capital Advisors.
Last year, Hooters closed about 40 locations, citing declining sales. When it filed for bankruptcy this spring, Hooters of America had about 300 locations. Last week, the company identified about 30 more restaurants that it plans to shutter.
Real American is hoping that it can reverse Hooters' fortunes.
"This isn't about preserving nostalgia," Francis said of the bid that the company is leading. "It's about unlocking Hooters' next era of growth."
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